The two largest sources of tax revenue for the U.S. Federal government are:
A. Excise taxes and customs duties
B. Payroll taxes and excise taxes
C. Personal income taxes and payroll taxes
D. Personal income taxes and corporate income taxes
C. Personal income taxes and payroll taxes
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The growth of cities was due to the existence of important scale economies, which include all of the following except
(a) Central water and sewer systems (b) Education systems (c) Crime, congestion and pollution (d) Police and fire protection
A straight-line production possibilities curve takes this shape because
A. resources are better suited for producing one output than another. B. resources are fixed. C. the opportunity cost of producing more of a good is decreasing. D. the opportunity cost of producing a good is constant.
David Card and Alan Krueger conducted a study of fast-food restaurants in New Jersey and Pennsylvania. The study found that
A) there was a large reduction in employment of low-skilled workers when the minimum wage was raised in these states. B) the earned income tax credit is more effective in raising the incomes of low-skilled workers than increases in the minimum wage. C) increases in the minimum wage had a very small impact on employment. D) increases in the prices of food have a greater effect on wage increases in New Jersey than in Pennsylvania.
Draw a profit/price trade-off curve that is the result of moving from a competitive to a monopoly industry organization. Show the equilibrium position for the regulator with a political support function (PS curve). What can we say about prices and profits of the regulated industry if it started as a competitive industry?
What will be an ideal response?